- Berkshire Hathaway Inc (NYSE: BRK-B) bought $3 billion worth of shares in Citigroup Inc (NYSE:C) in Q1, giving the group a stake of about 2.8%, according to filings with regulators.
- The investment came as Berkshire sold the remainder of its position in Wells Fargo & Co (NYSE:WFC), a rival bank that had been a staple in Buffett’s portfolio for more than three decades, Financial Times reported.
- At the start of 2022, Warren Buffett, Berkshire’s chief executive, plowed $51.1 billion into the market as global stocks sagged due to Federal Reserve, supply chain disruptions, strong inflation, and the war in Ukraine.
- Berkshire ended 2021 with a near-record $146.7 billion cash pile. Citigroup has slid more than 21% this year.
- Citi also warned of losses of up to $3 billion tied to Russia.
- Related: Citigroup In Talks With Potential Buyers For Russia Retail Ops: Bloomberg.
- Berkshire bought $7.7 billion worth of shares in oil and gas company Occidental Petroleum Corporation (NYSE:OXY) and boosted its stake in Chevron Corporation (NYSE:CVX)
- Price Action: C shares traded higher by 5.35% at $50 premarket on the last check Tuesday.
